The front month March soybean contract on NCDEX hit a one-week low of 3,634 rupees per 100 kg due to weak demand from crushing units and exporters at key spot markets.
In Indore, the benchmark market for soybean, the oilseed was sold for 3,850-3,870 rupees per 100 kg, down 10-15 rupees.
Demand from millers waned following a decline in India’s soymeal exports in February. India’s soymeal exports in February fell 11.6% on year to 114,000 ton.
Soybean futures saw 5 to 6 cent losses in most front months. Meal futures were down $2.40/ton in the nearby contract, with soy oil 1 point higher.
The USDA reported another private export sale of 926,000 MT of soybeans to China for 18/19 delivery. This was likely part of the rumored 2 MMT from a week ago, and thus didn’t get the bulls fired up.
Soybean exports in the week that ended on March 7 were tallied at 874,363 MT. That was slightly above last week but down 6% from this week last year.
A total of 386,581 MT was shipped to China. CONAB will release their monthly Brazil production update on Tuesday, with USDA trimming their projection to 116.5 MMT on Friday.
Safras & Mercado estimates the Brazil soybean harvest was 52.1% complete as of March 8, compared to the 46.4% average.